Russia, the United States and Saudi Arabia have agreed to coordinate actions on stabilizing oil markets and minimize the impact of oil price volatility on global economy, Russian president's press office said in a statement on Thursday, Trend reports citing Xinhua.

"Today, Russian President Vladimir Putin had a phone conversation with U.S. President Donald Trump and Saudi Arabia King Salman bin Abdulaziz Al Saud," the statement said.

Oil prices have plummeted amid the COVID-19 outbreak as global fuel demand has plunged due to air traffic cut and production shut-down.